The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-03-01
ASKING FOR A RECEIVER.
Why the Stockholders of the Indianap-
oils Chair Factory Want Relief.
Sensational Charges Against Mr.. Charles Hell
wig, She Manager of the Business, by His
SOn-What He Says in Reply.

The Indianapolis Chair Factory Company was
incorporated Jan. %, 1873, for a term of fifty
years, with $75, 600 capital stock At present
Frank E. Helwig owns S. 1l0 or 1872 shares of
stock, Charles Helwig owns S94 shares, and
Frank Rush 209 shares. The remainder of the
stock is divided among L. NJ. Key, Martin
Merkt, Sarah L. Bright. Charles Plattner, Mon
roe He.wig, Matthias Hooker. George Richards,
William Duvoe, Henry Penske Ottillie Helwig.
John W. Murphy, the Missionary Society Of
Evangelical Alliance. and the Ebenezer C. /.
Evangelical Alliance. Frank E. Helwig. for
himself, and on behalf of these stockholders, has
filed petition in the Circuit Court asking that
a receiver be appointed. The complaint states
that for time after the company was organized
it prospered, and acquired property and real es
tate to the amount of 1925, 900. The profits
were SO great that in ten years the capital stock
was doubled. The reasons given for the failure
OF the company to prosper in late years
many. Charles Helwig. it is alleged has
owned moro than half Of the capital
stock, and has, therefore, governed all elections
and continually elected himself president and
dictator, allowing the plaintiff no voice in the
management He is charged, by his arbitrary
way of conducting the affairs, with violating the
original charter. by reducing the number of di-
rectors, and by frauduently transferring $14, 900
OF the capital stock to his wife, Annie Helwig
In order to secure absolute control he is charged
with having allowed but three directors to be
elected for four years, and then elected himself
and persons whom he could manage. 1t is al
legged that be Is unit to manage such a business
being unskled in mechanics and unaceuainted
with machinery and the needs of the trade, and
that by reason of his control he has fraud
ulently and unlawfully usurped the absolute
control, regardless of the rights of the plaintiff,
and all the Observation-Disclosures. The Evangelical
| unions and several stockholders charged
with illegally holding their stock. because it
given to them by Mr.. Helwie. He is also
charged with having made improper charges on
| the books OF the firm to the amount of 5000 for
| Improvements his private property. The
| stockholders have been unable to get him to in
sure the building and machinery, valued at
800 900, be giving as the excuse that he trust
| ed to the Almighty to insure it." 1t is also
claimed that he, without consulting the wishes
| OF the stockholders, went outside the company's
| legitimate business by establishing furniture
store through which $25, 900 has been lost In
| January, 1885, the plant of the concern was
| worth $l7500O with $1,000 or SIS. 600 in bank
| but under his management it is now worth but
$l37, 900, and has $1,000 borrowed from bank.
| No dividends have been declared since August
1885. and the only relief the creditors and stock
holders have is in the appointment of a receiver.
| The writ is made returnable March 10. David
| Turpie is the attorney for the petitioner.
| Mr. Charles Helwig, the president of the COM
/
why receiver should be appointed. The petit
ton, he said. the result Of the failure Of his
| son, the petitioner and himself to agree. His
son, until some time SINCE was vice president of
the company, and withdrew. and refused to
give the company his support. because he would
not be allowed to manage the entire business.
| Mr. Heiwig says that many Of the allegations in
| the complaint not true. The company has
lost $50, 900 in the last ten years. but it not
| due to mismanagement, but to a bad state OF the
| trade. Several years ago they lost 500, 900
| in San Francisco, through the rascality Of some
| the men in charge. The loss necessitated the
closing of their house there. and, consequently.
| they did not have outlet for their goods for
several years. The house has recently been re-
opened, and will require $40 600 to put it in good
working order This was one of the moves to
| which his son sc strenuously objected At
present the factory is paying, and the stock is
| worth not less than Is cents the dollar. MIR.
| Helwig says he can manage its affairs better
than any receiver, and Will oppose the appoint.
| ment of one